Support Functions

Providing support to working mothers was a priority for SICO in 2020

SICO strives to be an employer of choice in Bahrain and works to ensure that all policies and guidelines instated by the Bank are aligned with global best practices. The bank implemented a policy allowing employees with chronic conditions, pregnant employees, and mothers with young children to work remotely for the duration of the pandemic.

During 2020, SICO implemented a number of operational changes across the board in order to swiftly adapt to new circumstances brought about by COVID-19 restrictions. Throughout the year, SICO has consistently demonstrated operational resilience, proving to be a dynamic organization as it consistently adapted to new conditions as they arose. In addition, the Bank introduced a number of measures primarily aimed at simultaneously safeguarding the health and safety of its employees and business continuity in order to continue serving its clients.

At the onset of the COVID-19 pandemic, SICO formed an Internal Crisis Management committee, consisting of members from the Audit, IT, Risk, Compliance, and HR teams. The committee was tasked with communicating internally with staff and externally with the SICO Board, clients, and the CBB as well as creating policies in response to health and safety guidelines issued by relevant authorities. The committee was key in facilitating the transition to work from home with clear policies on remote working, allowing up to 95% of staff to work from home at the height of the pandemic. The Bank also commissioned a CBB-approved external Information Security Officer to monitor daily traffic and flag any concerns or unusual activity.

In addition, SICO also introduced a number of digital measures ensuring business continuity and a smooth transition to remote work. The Bank enhanced its VPN capacity and introduced additional security measures to offset any potential risks to remote work. SICO additionally introduced a number of digital tools and applications, including a tool for automating document signatures as well as DocSAFE software for document imaging, storing, and archiving. These tools further supported staff in remotely performing their responsibilities, allowing them to continue to meet client needs smoothly and efficiently.

Operations

SICO’s Operations department helps oversee all transactions processed by the Bank’s business lines from account opening and booking cash for clients through to managing daily transaction reconciliations. The team consists of experts who attend regular training sessions, allowing them to be constantly aware of all financial instruments, CBB regulatory requirements, and customer needs.

Moreover, Operations has been working to improve overall client interface and to help create an active line of communication between the Bank and its clients via applications such as SICO LIVE, which has become an essential means for clients to view their assets on a real-time basis.

Client Relations

SICO’s Client Relations department serves as the direct liaison between the Bank and its clients. A team of dedicated and experienced professionals work together to oversee requests, answer inquiries, and provide guidance to both existing and prospective clients. The objective of the client relations department is to develop a professional relationship with each of the Bank’s clients by promptly addressing their individual needs, queries, and complaints. Another essential role that the department plays is liaising with the Bank’s various business lines to advocate for their clients’ needs and pass along their respective feedback. Client Relations’ scope of activities also includes client onboarding.

During the COVID-19 outbreak, the Client Relations department maintained open lines of communication with the Bank’s clients as well as offering support with the digitalization of a number of processes due to restrictions on physical contact.

SICO also made it easier for new and prospective clients to open an account virtually. Clients also had the option of using SICO LIVE and SICO LIVE Global to manage their accounts and directly execute trades. SICO LIVE and SICO LIVE Global enable both institutional and retail clients to securely access their accounts at their own convenience from their desktop, laptop, or mobile phone.

The biggest challenge faced by the department in 2020 was transitioning clients who were not comfortable or familiar with digital forms of communication. The department helped guide these clients to choose the best possible tool for virtual interaction. In the upcoming period, the Client Relations department is working on facilitating the fully digital on-boarding process, which will allow the clients to self-onboard, while the department will continue work on ensuring compliance.

Information Technology

The year 2020 was crucial for SICO’s IT department as it was tasked with completely transitioning both internal and external clients into a fully virtual work environment.

The IT department’s first key achievement for the year was quickly putting into place an infrastructure that would allow SICO employees to work remotely. The transition to remote working took place in a seamless, accelerated fashion. The sudden shift however required the IT Department to provide additional support to staff to ensure that there were no disruptions that would negatively impact the business in any way.

Simultaneous with the transition to remote work, came the responsibility to enhance SICO’s cyber-security framework and strategy for both SICO and its subsidiaries. IT was able to successfully match server security policies and procedures with the latest marketing practices and CBB’s regulations.

IT also completed the full upgrade of the SICO LIVE platform, which now includes more features in terms of browsing, connecting to markets, and order management with enhanced security. Trading capabilities have also extended to global markets through the launch of SICO LIVE Global.

In addition, the department launched a plan to introduce a fully integrated core system for custody and fund administration subsidiary SFS in October 2020. The new system will allow SFS to streamline its operations and better serve its clients. The department has selected the new system and is in the process of implementing it. The new system is expected to go live in July 2021 and will see SFS almost fully automate its operations as well as improve overall client interface.

The department worked closely with SICO’s Asset Management team to implement the Bloomberg Asset and Investment Manager (AIM) system, a move that is in line with SICO’s overall cloud strategy that will further the shift to remote operations. The implementation and rollout of AIM took place in record time in the midst of a global pandemic.

IT also spearheaded the document management system initiative, an internal process that helps SICO systematically digitize and archive all documents, files, contracts, and customer data.

In 2021, the IT department will continue to follow up on progress made in 2020. Projects in the pipeline such as the full automation of client self on-boarding including e-KYC integration should be up and running in the first half of the year. The e-KYC system, a collaboration with the Bahraini government, was set to launch in July 2020 but was delayed until the first quarter of 2021. The e-KYC seeks to facilitate the onboarding process as it creates a simplified database where customers are required to submit only their ID number. IT will also fully implement a new management information system (MIS) to provide more visibility for the business with a digitized solution for SICO’s key decision-makers to oversee and ensure that all income, profit, and expenses are in line with the Bank’s KPIs.

Corporate Communications

In 2020, SICO’s Corporate Communications department spearheaded several initiatives in order to increase the Bank’s brand equity, improve visibility of SICO’s achievements, and initiate new CSR projects.

The Corporate Communications department offered support and further increased visibility for SICO’s key transactions throughout the year, including the KFH acquisition of AUB, the NBB acquisition of Bahrain Islamic Bank, and SICO’s acquisition of Muscat Capital.

In addition, the department worked to improve SICO’s online presence by regularly engaging with the public through a number of social media channels. These channels offer updates on SICO’s financial and operational highlights, as well as new milestones and achievements. Corporate Communications also worked on releasing two newsletters during the year, disseminating key updates and highlights on the Bank’s performance to its stakeholders. The department was also responsible for managing the Bank’s awards program, which saw SICO receive 11 awards in 2020.

The department also successfully initiated a number of CSR initiatives during the year, including donations to charitable organizations across the Kingdom such as the Fina Khair campaign and SCW to provide community relief in the wake of the COVID-19 pandemic. Additionally, the department spearheaded an initiative to plant 1000 trees in Manama’s main school district in lieu of annual gift packages offered to clients. This will serve to improve air quality, combat climate action, and contribute to offering a healthy environment for the local community.

Human Resources

SICO’s Human Resources (HR) department was primarily charged with implementing measures in the face of the COVID-19 pandemic that would ensure the health and safety of all employees, while mitigating any potential risks and ensuring business continuity.

The department implemented a rotation system at the onset of the pandemic for remote and in-office work, ensuring that employee presence in SICO’s offices, remained well below 50% capacity at any given time. In addition, working hours were reduced from eight to six hours daily to afford employees additional time to support their children through homeschooling as well as care for their loved ones. The department also ensured that employees working from SICO’s offices abided by all required social distancing guidelines and provided them with sanitizers, gloves, and masks. The HR department also oversaw routine sanitization of the offices to ensure employee health and safety.

SICO’s HR department also implemented a policy allowing employees with chronic conditions, pregnant employees, and mothers with young children to work remotely for the duration of the pandemic.

In addition, the department was in charge of routinely communicating guidelines and instructions with all employees, as well as setting up a 24/7 communication line through an array of channels to offer employees guidance and support in cases of emergency.

During 2020, two candidates participated in SICO’s executive training program, while three female students joined the Bank for a summer internship. In addition, three of SICO’s 2019 executive trainee program participants joined the Bank as permanent employees this year.

SICO strives to be an employer of choice in Bahrain and works to ensure that all policies and guidelines instated by the Bank are aligned with global best practices. The HR department constantly works to update its guidelines in order to afford SICO staff a range of benefits and ensure employee satisfaction. SICO also prides itself on the diversity of its team, which comprises several different nationalities, with a significant number of Bahraini nationals. In addition, 38% of the SICO team is comprised of women, many of whom hold leadership positions within the Bank.

Headcount and Bahrainization

*Figure includes two executive trainees

Employee Gender Breakdown

Legal

SICO’s in-house legal department, established in 2018, is headed by a specialized and experienced legal counsel with years of expertise in advising financial institutions in both Europe and Asia. The division head additionally acts as Board Secretary.

The department supports SICO and its subsidiaries across their operations by:

• Identifying strategic business opportunities arising from changes to the domestic and international legal framework.
• Assisting business units in the structuring, development, and delivery of products and services by incorporating sound and innovative legal solutions.
• Administering SICO’s legal affairs through availing internal professional, timely, and useful legal advice and services as well as arranging and managing the services of outside counsel as needed.
• Creating and implementing necessary policies, practices, and procedures to minimize SICO’s liability exposure.
• Administering SICO’s legal affairs in the most cost-efficient manner, thereby contributing to the bank-wide team effort to maximize returns for shareholders.